Upside Down Mortgage

Loan Modification Cases

Question: Loan Modification First Payment or keep Checking from Chex?

Ok here is the brutal honest truth-I lost my Father had to pay for his funeral expenses and pay his debts- in the meantime did not pay close enough attention to my bank account and debt (obviously)-I did a loan mod on my house which was a long process and finally my first payment is due the 1st of May-now on the other hand I let my check account get out of control and I owe 1400-if I don't pay that off by the 30th of April they will send to collections and Chex-my mortgage NORMALLY gives a 15 day grace period but I am not sure in the case of just doing a loan mod-I cannot pay both by the due date-I can have both paid if the mortgage can wait until the grace period date-any advice? thanks!!

Answer: Have you contacted your bank? Usually you can set something up with them to pay it back in smaller increments, as long as you make your weekly payments. I went through that with my bank (I was overdrawn by 300) and they let me pay it back weekly while still allowing me to use my account and not taking all of the money out when my direct deposit went in. Contact your mortgage company and just ask them. Don't go into it detail, just ask. The worst they can tell you is no.

Can you get your pay/money in cash/check form and just Western Union or MoneyGram your mortgage payment to the company? That is one way to make sure your mortgage company gets the payment. I understand that your risking the account going to collections, but making your mortgage payment on time far outweighs your bank account going to collections. Good Luck!

Loan Modification Case Study

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!